Facebook announced today that it is finalizing litigations with the former classmate of Mark Zuckerberg. According to the student, the idea for Facebook belongs to them and Zuckerberg had stolen the basis for the successful social networking site.

According to reports however, motions to dismiss the case against Facebook were already in progress. Sources close to the case indicated that this will happen in a few short weeks and the New York Times confirmed this to be true. The original lawsuit was filed by some of Zuckerberg’s classmates, but Zuckerberg himself denies the allegations that he stole anyone’s idea.

Lest there be any confusion, indeed social networking is not a new idea. Several sites that came online well before Facebook are sites such as MySpace, Friendster, AsianAvenue, and even all the available dating sites. However, Facebook started within the academia circle, providing a private and trustworthy source for students across the country to connect with other students.

Facebook was founded in 2004, but it only feels like the site was launched not too long ago. As with most things, it’s not about having the right thing that matters, but being in the right place and at the right time.

In related Facebook news, Hong Kong investing tycoon Li Ka-Shing announced last week that he would invest another $60-million USD into Facebook, bringing his total investment in Facebook to $120-million. Li Ka-Shing told reporters that the move will further strengthen his presence in online social network and will not hesitate to invest more money if deemed necessary.